The price of Bitcoin will return to $100,000 soon, according to a BTIG analyst.

Source: CritpoTendencia Original Title: The price of Bitcoin will return to $100,000 soon, according to BTIG analyst Original Link: The price of Bitcoin is preparing to break away from the bearish trend that has kept it under pressure since October 10. This is stated by Jonathan Krinsky, an analyst at the financial firm BTIG, who claimed in a note sent to clients this Wednesday that the largest cryptocurrency will not take long to return to $100,000.

After a drop of -36% from peak to trough, we believe that Bitcoin is now poised to continue its reflex rally at least up to 100k, noted the analyst. At the time of writing this note, the pioneering cryptocurrency is trading above $92,500 per unit.

This price represents a performance of +1.8% in 24 hours and more than +11% in the weekly timeframe. The rise has returned optimism to investors, who have been coming off several weeks of declines. The strong activity of BTC whales during the week has been key to this momentum.

According to data from Santiment, as of this Thursday, there were 102,900 purchase transactions exceeding $10,000. Of these, about 29,000 surpassed $1 million. This level of demand becomes an important stimulus for the recovery of the Bitcoin price.

The momentum of Bitcoin will continue in the coming days

According to Krinsky's analysis, there is a historical trend between 2014 and 2024 that shows BTC hitting bottom around November 26. Subsequently, the coin tends to experience a strong recovery during the last weeks of the year. The analyst believes that this pattern has a high probability of repeating.

This relates to contextual factors. Among them, it stands out that BTC is currently in oversold territory, suggesting a possible turning point. The chart shared by the BTIG analyst shows a typical movement at the end of the period of weakness.

For Krinsky, this could lead to a bullish move that allows the token to recover $100,000. This is a price target that tends to gain relevance every time Bitcoin experiences drops close to 30% from its all-time highs.

The positive price movements of Bitcoin in recent days have restored confidence in the market. After weeks of fears about a sharp decline or a possible new crypto winter, expectations have shifted towards recovery scenarios. For now, the price action seems to align more with a bullish sentiment.